Betsson (BETS) Q1 2026 earnings summary

Executive summary

• Group revenue reached EUR 285 million in Q1 2026, down 3% year-over-year, with EBIT at EUR 34 million and an EBIT margin of 11.9%.

• B2C revenue grew 15% year-over-year to a record level, while B2B revenue declined 43% due to lower revenue from one customer, impacting overall profitability.

• Active B2C customers hit an all-time high, up 11% year-over-year to 1.52 million.

• Strong growth in Latin America (up 21–25%) and Western Europe (up 10%), while CEECA and Nordics declined.

• Share of revenue from locally regulated markets increased to a record 73%, up from 59% last year, resulting in higher gaming taxes and lower profitability.

Financial highlights

• Gross profit was EUR 164.4 million, with a margin of 57.6% (down from 64%).

• Operating income (EBIT) fell 47% year-over-year to EUR 34 million.

• Operating cash flow was EUR 58.1 million, down from EUR 86.4 million last year.

• Net cash position at quarter-end was EUR 165 million; equity/assets ratio at 66%.

• Casino revenue declined 4% to EUR 203.8–204 million; sportsbook revenue up 1% to EUR 80.2 million.

Outlook and guidance

• Early Q2 2026 trading shows average daily revenue up 3.7% year-over-year, with sportsbook margin above historical average.

• FIFA World Cup in June expected to boost activity and customer intake.

• Continued investments in B2C growth markets, despite current losses, with a long-term profitability focus.

• Management remains confident in medium-term B2B growth.